Globus Maritime Secures $25 Million Vessel Deal

Globus Maritime has completed a $25 million sale and bareboat charter-back agreement for its newly delivered bulk carrier, GLBS Magic, with a Japanese third party, allowing the company to retain operational control of the vessel while enhancing its financial structure. The transaction was executed through its wholly-owned subsidiary, Paralus Shipholding S.A., and involves a fixed charter rate that increases over time, alongside a variable rate based on the secured overnight financing rate (SOFR). Additionally, Globus has options to repurchase the vessel after three years, with a final purchase obligation of $15.4 million after ten years if not bought back earlier. This marks Globus's second sale-and-leaseback deal within a year, reflecting a strategic approach to managing its fleet of ten dry bulk vessels, which transport various commodities globally. Despite a recent uptick in share trading, the company has seen a nearly 56% decline in stock value since the year's start, although retail investor sentiment appears optimistic.